ADGM, UBF Address Complex Issues Digital Environment

Banks, financial institutions as well as financial regulators have an important role to play in monitoring and keeping abreast of developments in the fast-evolving fintech industry.

The UAE Banks Federation Complience Committee (UBF) and Abu Dhabi Global Market (ADGM) have partnered to address ADGM’s regulations and supervisory approach to digital and crypto assets, harnessing RegTech such as big data as well as machine learning that can enhance the surveillance and management of financial transactions.

AbdulAziz Al-Ghurair, the Chairman of UBF, said, “Given the rapid emergence of new fintech such as cryptocurrencies and other crypto assets, it is essential that we develop frameworks and regulations that govern these technologies and developments.”

The duo seeks to establish how UAE financial regulators and banks can collaborate to develop processes and procedures to address regulatory risks in serving market participants operating crypto assets businesses.